I got this from the net, you just need itunes to read from the music on your pc/laptop or mac. The follow this steps:
1. Go to the song and control click, go to 'get info'
2. Go to 'options' and check the start and end times you want for the song (less than 40 seconds), then click 'ok'
3. Control click on the song again and choose 'Create ACC version' – NB this won't come up as an option if you are in the process of downloading or synching or importing, you have to wait until that's finished
4. Drag the file to the desktop (this will create a copy)
5. Delete the file from itunes (just the short one, not the original song!)
6. Rename the file on the desktop something short, with no special characters (spaces are ok), e.g. 'Milk Eyes Ringtone'. Add/ change the extention to .m4r (Milk Eyes Ringtone.m4r)
(NB – for PC users: I don't know these steps will work for you guys for changing the file extension this way, as I haven't tested it on a PC. You might be able to change it by going to song info or something, I don't know. Other people in this thread have posted suggestions about how to change file extensions so take a look around if this doesn't work for you).
7. Drag the file/ track back from the desktop to your itunes
8. Find this file in your itunes ringtones folder
9. Control click & go to 'Get info', then remove everything but the name of the ringtune in the 'Info' and 'Sorting' sections (including genre – choose 'none')
10. Drag your new ringtones to your iphone. OR (if this doesn't work)
10. Click on your iphone ringtone folder
11. Go to the file menu (top of your computer screen) and choose 'Sync (John Smith's) iphone'
This worked for me and i used itunes on my laptop (windows)
I havent created more yet, i just created one. And i dont know if you can start the ringtone from any part of the song, say start from the chorus, since the tone i pick is already a catchy tune at the start (its Jason De Rulo's IT GIRL)
http://maketecheasier.com/create-an-iphone-ringtone-using-itunes-for-free/2009/05/15 heres the link for better understanding.. Though the instructions i posted here can be found below on the comment by another user.
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